ESAB Co. (NYSE:ESAB) Holdings Increased by Hanlon Investment Management Inc.

Hanlon Investment Management Inc. increased its stake in ESAB Co. (NYSE:ESAB) by 11.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,417 shares of the company’s stock after acquiring an additional 545 shares during the period. Hanlon Investment Management Inc.’s holdings in ESAB were worth $512,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ESAB. Arizona State Retirement System lifted its holdings in shares of ESAB by 2.0% in the second quarter. Arizona State Retirement System now owns 16,046 shares of the company’s stock valued at $1,515,000 after buying an additional 310 shares during the period. TD Asset Management Inc raised its position in ESAB by 5.4% in the second quarter. TD Asset Management Inc now owns 531,122 shares of the company’s stock worth $50,154,000 after acquiring an additional 27,202 shares in the last quarter. nVerses Capital LLC acquired a new stake in ESAB in the 2nd quarter valued at about $179,000. Van ECK Associates Corp bought a new position in shares of ESAB during the 2nd quarter valued at about $2,139,000. Finally, Hantz Financial Services Inc. acquired a new position in shares of ESAB in the 2nd quarter worth approximately $42,000. Institutional investors and hedge funds own 91.13% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Stifel Nicolaus cut their target price on shares of ESAB from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Oppenheimer initiated coverage on ESAB in a research report on Thursday, June 20th. They set an “outperform” rating and a $115.00 price objective for the company. Evercore ISI reduced their price objective on ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. JPMorgan Chase & Co. cut their target price on ESAB from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Finally, Bank of America increased their price target on ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $108.57.

ESAB Price Performance

Shares of NYSE:ESAB opened at $93.95 on Friday. The company’s fifty day moving average is $97.88 and its two-hundred day moving average is $101.18. The company has a market cap of $5.68 billion, a P/E ratio of 24.60, a price-to-earnings-growth ratio of 1.82 and a beta of 1.42. ESAB Co. has a 12-month low of $61.43 and a 12-month high of $114.77. The company has a quick ratio of 1.21, a current ratio of 1.86 and a debt-to-equity ratio of 0.62.

ESAB (NYSE:ESAB) last posted its quarterly earnings results on Friday, August 2nd. The company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.05. ESAB had a return on equity of 17.49% and a net margin of 9.06%. The firm had revenue of $707.10 million for the quarter, compared to analyst estimates of $686.75 million. During the same period in the previous year, the firm earned $1.21 earnings per share. ESAB’s quarterly revenue was down 1.8% on a year-over-year basis. Equities analysts expect that ESAB Co. will post 4.84 earnings per share for the current fiscal year.

About ESAB

ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, automated welding, and gas control equipment. Its comprehensive range of welding consumables includes electrodes, cored and solid wires, and fluxes using a range of specialty and other materials; and cutting consumables comprising electrodes, nozzles, shields, and tips.